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The Financial Situation and Financing of Nonfinancial Corporations in the Ten New EU Member States – A First Empirical Orientation

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Abstract

This paper provides a first stocktaking of the available data on the financial situation and the financing of nonfinancial corporations (NFCs) in the ten new EU Member States (NMS-10). It focuses on comparing the situation in the NMS-10 with the status quo in the euro area. For most indicators of financial results and of the structure of liabilities and financial assets, the range between the minimum and the maximum within the euro area was sufficiently wide to embrace the corresponding NMS-10 values. Thus, the two groups are not very different from each other in this respect. Still, there are some differences between them that tend to be typical and are primarily attributable to the ongoing catching-up process of the NMS-10 economies and the more prominent role of inward FDI as well as the still minor role of outward FDI in their economic structure.

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  • Thomas Reininger & Zoltan Walko, 2006. "The Financial Situation and Financing of Nonfinancial Corporations in the Ten New EU Member States – A First Empirical Orientation," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 134-151.
    • Handle: RePEc:onb:oenbfi:y:2006:i:2:b:5
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    1. Frédéric Boissay & Oscar Calvo-Gonzalez & Tomasz Kozluk, 2006. "Is Lending in Central and Eastern Europe Developing Too Fast?," Chapters, in: Klaus Liebscher & Josef Christl & Peter Mooslechner & Doris Ritzberger-Grünwald (ed.), Financial Development, Integration and Stability, chapter 14, Edward Elgar Publishing.
    2. Markus Arpa & Thomas Reininger & Zoltan Walko, 2005. "Can Banking Intermediation in the Central and Eastern European Countries Ever Catch up with the Euro Area?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 110-133.
    3. Cappiello, Lorenzo & Gérard, Bruno & Kadareja, Arjan & Manganelli, Simone, 2006. "Financial integration of new EU Member States," Working Paper Series 683, European Central Bank.
    4. Peter Backé & Christian Thimann & Olga Arratibel & Oscar Calvo-Gonzalez & Arnaud Mehl & Carolin Nerlich, 2004. "The acceding countries’ strategies towards ERM II and the adoption of the euro - an analytical review," Occasional Paper Series 10, European Central Bank.
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